MPs push ahead with investment reforms despite committee roadblock
Parliament yesterday forced through an investment reform plan, brushing aside objections from its own Financial Committee, which warned it could throw existing policies off balance.
The plan, gathering dust for two years, seeks to ease business rules and offer tax breaks to attract foreign capital.
MP Hassan Ibrahim, who led the charge with four others, said red tape was stifling investment and needed to go.
Businesses
'We need to make it easier for businesses to set up shop, not bury them under paperwork,' he said, pointing to the proposal's call for a 'faster and more efficient' system for company registration and licensing.
MP Jalal Kadhem took aim at the Financial Committee's rejection, calling it groundless.
'This isn't for the committee to throw out — it's for the government to decide,' he said. 'The plan is clear and well thought out. It ties in with the push to bring in more investment, yet here we are, blocking our own progress.'
Ibrahim revealed that the proposal had been stuck in limbo for over two years, with meetings cancelled before a proper debate could take place.
'I was called in twice last term, but the talks never happened because the committee pulled the plug,' he said.
The proposal also calls for fixing up roads, transport links, and telecoms infrastructure to make Bahrain a more attractive place for businesses to settle.
Basic services
Kadhem said the lack of basic services in industrial areas was scaring off investors.
'There are places where companies want to build but can't, because the groundwork isn't there. This plan sorts that out,' he said.
The MPs are also pushing for targeted tax breaks and government-backed support to encourage businesses to stay long-term.
Strength
'Bahrain has to sell itself properly if it wants to bring in investment,' Ibrahim said, arguing that embassies and trade officials should take a more active role in showcasing Bahrain's strengths at international events.
He also laid out four main aims of the proposal: cutting the time investors spend waiting for approvals, creating jobs for Bahrainis, strengthening partnerships with the private sector, and linking investment plans to tourism.
'Investors don't want to sit around waiting for the green light. The quicker they get started, the better it is for the economy,' he said. 'At the same time, we need to make sure Bahrainis have the skills to fill the jobs that come with it.'
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